OpenSea has grown to become one of the top platforms for NFTs. It was the first to launch a platform like this throughout the years. It’s seen rapid growth since blockchain and NFT are becoming more sought-after investments.
It’s becoming more popular because celebrities and other famous people have expressed their curiosity. As art is increasingly digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs, then starting from an established marketplace will give you the leverage you require. This is why we wrote this review – OpenSea is always the leading NFT marketplace. But is it right for you?
Before you begin, we’d like to warn you. This review is a long read. If you’d prefer to take a look at videos instead, check out this channel’s review. They’ll guide users through OpenSea and its functions so you’re fully aware before you dive into NFT trading.
For those who prefer reading, we’ll look over the basics before we go over the costs and what it has to offer.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
What is OpenSea? Nft Manager
OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The available NFTs are not only limited to art, music, game items, and domain names.
It was created in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces which is similar to cryptocurrency.
Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The best part about them is that they allow users to list NFTs purchased or made elsewhere.
What is the process behind OpenSea operate?
If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar to that.
For OpenSea The majority of the assets listed in this platform belong to the users, not the platform. Since they’re an open marketplace, they have intelligent contracts to ensure that buyers can communicate with potential buyers without putting at risk the security of their NFT ownership.
That means unless the transaction is completed the digital assets won’t leave your account. In addition, you don’t have to make your account. All you have to do is have a web3-enabled wallet.
If you’re a buyer, you can use their browser to look for NFTs you’d prefer to purchase. They also have filters available to simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available to purchase from OpenSea?
There are around 200 kinds of NFTs you can purchase from OpenSea. There are eight categories to which they are typically placed. Let’s have a look at each.
Music
Music could be among the most popular NFTs of all time. It’s not limited to just songs; you can also buy mixtapes, remixes, beatsand vocals or whatever the artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.
Collectibles
Even before NFTs were popular, a few people invested in collectibles such as baseball cards film props, and even old technology.
For NFTs, you can collect avatars, digital pets or any other characters that could be traded or collected. The rarer they are, the more value they be. They also have variations like Nyan Cat and CryptoPunks.
Art
Art is always one of the most sought-after NFT since before NFT was invented. As of today it is possible to create digital artworks. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs, images, or even videos of short length.
Trading Cards
You can also collect digital trading cards such as those of Sorare as well as BCCG.
Sports
The digital objects associated with sports are also available, such as animated team logos.
Virtual Worlds
VR space and other elements can now also be bought. You can purchase these metaverses and other things such as game items, the VR environment, virtual objects, characters or even virtual worlds. A popular example can be Axie Infinity.
Utility
As far-fetched as it sounds there are also NFTs that have specific functions. Examples include Emblem Finance and Urbit ID.
Domain Names
Websites can now also be considered as NFT. You can buy blockchain-based names that aren’t subject to shut down from any person. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling your products on OpenSea is easy. All you have to do is post them on the marketplace. All you need to do is to make sure your account is linked. Once you’ve added your price and type of auction, you’re good to go.
For first-time sellers, you will be subjected to a one-time fee for gas.
At present, you can select from 5 selling options. These are:
Fixed Price
The seller is the one to charge the price of the NFT. Just as the name suggests, it never changes.
Dutch Auction
In the Dutch Auction, the seller sets a price that will decrease in time. Sellers typically set up very high prices. As time passes, it will decrease until it is equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT can be sold when they reach an agreement on the price.
English Auction
The seller will put up an NFT for sale and lists an amount that is a minimum. It’s opposite to auctions like the Dutch Auction, where the price drops over time. When it comes to the English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.
OpenSea will automatically accept the bid in the event that the auction is over 1 Etherium.
NFT Creation
You can also mint your own NFTs through the platform. Then you can sell them on the marketplace.
Bundles
If you are looking to sell several NFTs in one transaction, you can utilize the bundle features of OpenSea. 30 items can be included within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It’s normal for crypto or NFT marketplaces to charge charges to use the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale price paid by the buyer. Similar to how regular galleries earn money by gaining a percentage of the paintings that are sold.
With OpenSea You will only need to pay 2.5 percent when purchasing an NFT. There are no listing costs and other kinds of charges. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5 per cent fee reasonable.
But, it is important to be aware that certain NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5%.
Additionally, transacting to Etheruem can be costly. Your NFT collection will only be created as a valid token that is non-fungible after your NFT bid is accepted. The price for this process will be based on the market, but you can expect it to be around $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game developers are paid as much as 15% as commissions on the products they’ve sold.
What are the methods of payment?
OpenSea cannot accept conventional currency like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal credit, debit, and debit card to make payments or make a deposit. Nft Manager
The NFTs can be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list with blockchains and wallets that they can support.
Blockchains Supported by OpenSea
- Klatyn
- Ethereum
- Polygon
Wallets Supported by OpenSea
- Portis
- Fortmatic/Magic
- MetaMask
- Arkane
- Coinbase
- WalletLink
- TrustWallet
- Dapper
- Torus
- Authereum
- OperaTouch
- Bitski
- WalletConnect
- Kaikas
What are the pros and cons?
Let’s examine the advantages and drawbacks that come with using OpenSea.
Pros
OpenSea can be decentralized which makes transactions secure and almost impossible to get scammed. Moreover, you can easily invest with NFTs even if there is no prior experience or know-how in blockchain technology or programming. Nft Manager
They also provide a variety of digital asset, making it one of the biggest NFT marketplaces. Low platform fees are also an excellent method to make more money.
Cons
Although it’s decentralized and has one of the most diverse NFT collection, the service has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support and no support for transactions using currencies such as USD or Euros.
It is also necessary to create your cryptocurrency wallet in order to sell or purchase from the platform.
Bottom Line
Similar to cryptocurrency NFTs are also growing over the years. It’s very creative and sounds strange, which is what makes it captivating for people. OpenSea provides an NFT marketplace that can cater to a wide range of NFTs. There are more categories that can be included as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its users to transact without having to worry about privacy and security. In addition, it doesn’t cost customers high charges. A 2.5 percent cost on your sales appears reasonableconsidering that some marketplaces could charge as high as five percent.
Overall, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Manager
What do I need so I can use OpenSea?
OpenSea has a mobile and desktop browser that you can utilize. When you’re using the browser on your mobile phone, your browsers must work with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be fully charged to start.
Does OpenSea has a support team?
Yes they do have a support team can be reached via their contact form. Just go to their website, and look for “Submit a request.”
Are you able to make money at OpenSea?
You can also mint at OpenSea. All you need to do is create an NFT and then add an item in your inventory. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.
What are the costs for gas?
Gas fees are transaction charges from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined by the market, so they constantly change at regular intervals.
What do I need to know so I can make use of OpenSea?
OpenSea has a mobile and desktop browser that you can use. When you’re using the browser on your mobile phone, the browsers should work with Etherium. You also need to have either a wallet, or an extension. In addition, it must be filled with money to begin.
Does OpenSea have a support team?
Yes, they have a support staff that you can contact through its contact forms. Just go to their website, and search for “Submit a request.”
Do you have the ability to mint at OpenSea?
You can make a mint using OpenSea. All you need be able to do is make an NFT and add it to the collection. Once you’re ready to sell the items, post them for auction. This is gas-free and easy but you could also go through their tutorials.
What are the gas prices?
These are transactions costs from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined through the marketplace, therefore they constantly change every now and then.
